Graco Inc.

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SEC Filings

10-K
GRACO INC filed this Form 10-K on 02/17/2015
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The following table summarizes information for options outstanding and exercisable at December 26, 2014 (in thousands, except exercise prices and contractual term amounts):

 

  Range of  
Prices

Options
Outstanding
  Options
Outstanding
Weighted Avg.
Remaining
Contractual Term
in Years
Options
Outstanding
Weighted Avg.
Exercise Price
  Options
Exercisable
  Options
Exercisable
Weighted Avg.
Exercise Price
 
$  16-30   1,352   4 $ 23.60     1,352   $ 23.60  
$  30-45   1,585   4   39.31     1,458     39.01  
$  45-60   1,177   7   53.99     491     52.24  
$  60-76   861   9   75.19     17     74.89  

 

 

 

 

   

 

 

 

 

   

 

 

   

 

 

 
$  16-76   4,975   6 $ 44.72     3,318   $ 34.86  

 

 

 

 

   

 

 

 

 

   

 

 

   

 

 

 

The aggregate intrinsic value of exercisable option shares was $154.5 million as of December 26, 2014, with a weighted average contractual term of 4.6 years. There were approximately 4.9 million vested share options and share options expected to vest as of December 26, 2014, with an aggregate intrinsic value of $182.2 million, a weighted average exercise price of $44.50 and a weighted average contractual term of 5.8 years.

Information related to options exercised follows (in thousands):

 

  2014   2013   2012  

Cash received

$   20,343   $   33,630   $   21,687  

Aggregate intrinsic value

  25,284     33,028     18,195  

Tax benefit realized

  8,200     11,200     6,200  

Stock Purchase Plan. Under the Company’s Employee Stock Purchase Plan, the purchase price of the shares is the lesser of 85 percent of the fair market value on the first day or the last day of the plan year. The Company issued 193,084 shares under this plan in 2014, 196,913 shares in 2013 and 238,621 shares in 2012.

Authorized Shares. Shares authorized for issuance under the stock option and purchase plans are shown below (in thousands):

 

  Total Shares
Authorized
  Available for Future
Issuance as of
December 26, 2014
 

Stock Incentive Plan (2010)

  5,100     2,031  

Employee Stock Purchase Plan (2006)

  7,000     5,094  
  

 

 

    

 

 

 

Total

  12,100     7,125  
  

 

 

    

 

 

 

Amounts available for future issuance exclude outstanding options. Options outstanding as of December 26, 2014, include options granted under three plans that were replaced by subsequent plans. No shares are available for future grants under those plans.

Share-based Compensation. The Company recognized share-based compensation cost of $17.2 million in 2014, $16.5 million in 2013 and $12.4 million in 2012, which reduced net income by $12.8 million, or $0.21 per weighted diluted common share in 2014, $12.6 million, or $0.20 per weighted diluted common share in 2013 and $9.5 million, or $0.15 per weighted diluted common share in 2012. As of December 26, 2014, there was $13.7 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of approximately 1.6 years.

 

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